Freehold, NJ - Court Directs Dwek To List Assets, Debts
Freehold, NJ - Real estate mogul Solomon Dwek was ordered to immediately provide a complete accounting of all his debts and properties to a court-appointed fiscal agent.
The order, issued by Superior Court Judge Alexander D. Lehrer, allows fiscal agent Donald M. Lomurro to review claims by PNC Bank and others who say Dwek owes them tens of millions of dollars.
Lomurro's immediate job will be to preserve the value of Dwek's real estate holdings, review claims against Dwek's vast empire -- estimated to include more than 200 properties -- and recommend how to pay his debts. "To do this, to see all the assets in this financial empire and all the liabilities, it's just an enormous undertaking," Lomurro said.
Dwek has more than $200 million in real estate holdings in Monmouth County alone, Dwek also has tens of millions of mortgage debt throughout the state, according to public records.
Other claimants
As fiscal agent, Lomurro is to be paid $400 an hour. Other lawyers and staff in his firm will be paid from $350 an hour to $110 an hour as needed, according to Lehrer's order.
The judge allowed Lomurro to hire accountants, real estate experts and appraisers as necessary. Lomurro was to receive a $50,000 retainer upon the signing of the order.
Lomurro said his fee will be paid out of Dwek's assets.
The order, issued by Superior Court Judge Alexander D. Lehrer, allows fiscal agent Donald M. Lomurro to review claims by PNC Bank and others who say Dwek owes them tens of millions of dollars.
Lomurro's immediate job will be to preserve the value of Dwek's real estate holdings, review claims against Dwek's vast empire -- estimated to include more than 200 properties -- and recommend how to pay his debts. "To do this, to see all the assets in this financial empire and all the liabilities, it's just an enormous undertaking," Lomurro said.
Dwek has more than $200 million in real estate holdings in Monmouth County alone, Dwek also has tens of millions of mortgage debt throughout the state, according to public records.
Other claimants
As fiscal agent, Lomurro is to be paid $400 an hour. Other lawyers and staff in his firm will be paid from $350 an hour to $110 an hour as needed, according to Lehrer's order.
The judge allowed Lomurro to hire accountants, real estate experts and appraisers as necessary. Lomurro was to receive a $50,000 retainer upon the signing of the order.
Lomurro said his fee will be paid out of Dwek's assets.
posted by VOS IZ NEIAS @ 5/17/2006 09:24:00 AM
5 Comments:
At 2:07 PM,
VOS IZ NEIAS said…
Dwek documents available online
More than 120 court filings in the Solomon Dwek real estate scandal became available online this morning at the Web site http://www.dwekfiscalagent.com/.
Monmouth County Judge Alexander D. Lehrer was expected to sign an order today making the Web site an official public document access point in the Dwek real estate case.
On May 3, PNC Bank accused Dwek of depositing a bad $25.2 million check that he had written on a closed account in a drive-through window April 24, and of trying to deposit another one the next day.
Lehrer froze Dwek's assets until the bank could be repaid the $20 million it says it's owed. Last week the FBI charged Dwek with a $50 bank fraud.
The Web site is an effort by fiscal agent Donald M. Lomurro and Judge Lehrer to make documents available to parties in the case and the public quickly and efficiently. In New Jersey most court documents may be accessed only by visiting a courthouse.
More than 100 people, mostly bankers, lawyers and investors, appeared at a court hearing Friday at which Lehrer appointed Donald M. Lomurro as a fiscal agent. Lomurro will try to preserve Dwek's assets and make recommendations to the judge as to how Dwek's debts can be paid. In addition to PNC, business partners have accused Dwek of cheating them out of tens of millions of dollars.
The documents available range from PNC's initial May 3 complaint against Dwek, to various claims against Dwek's assets, to Dwek's response to PNC's accusation.
In that document, titled "Solomon Dwek and SEM Answer to Verified Complaint 5-12-06.pdf," Dwek neither admits, nor denies PNC Bank's allegations that he deposited the $25.2 million check at a drive-through teller window in Eatontown.
Dwek denies the bulk of the rest of the bank's allegations.
At 3:30 PM,
Anonymous said…
Yeah!? That's how the government is bringing down their peoples! It's very unfortunate to witness something like this happening to one of our brothers, they appoint a fiscal agent, supposedly to save the persons assets, but what it ends up doing, is something else, they(fiscal agents) hire the fanciest attorneys & accountants etc. & there is where all the money ends up! & afterwards they charge the person criminally, supposedly for defrauding so much financial institutions. Would they let the person take care of his problems by himself (w/out all these fancy lawyers etc.) there would have been left a lot of money to payback most of the debts, presumably @ most of the cases!
At 3:54 PM,
Anonymous said…
I can't thank anon @ 3:30 enough, the point you've made is undoubtedly a sad fact in a lot of cases! Thanks again.
At 10:16 PM,
Anonymous said…
you have a very valid point there.
But the point you fail make is
D O- N O T - S T E A L
Dwek is lucky he was not in some arab country doing this because you know what they would have done to him .
At 11:20 PM,
Anonymous said…
So basically what you're saying is, "It could have been worse", I think that's what our government keeps on bragging about, that they've got the the most efficient justice system in the world! & they've yet to prove it! Nevertheless, I think that, you (by jumping to early conclusions on this case) are even worse than the government! they at least claim that he's deemed innocent until proven guilty!
What a shame, to see a post like yours, coming from a yiddish brother!
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